Calculating the effect of overpaying

Good_Money

My mortgage is in 3 parts:

1. 83,000 fixed to May 2012 @ 4.59%
2. 53,000 base rate tracker @ +1.49%
3. 50,000 base rate tracker @ +1.99%

The remaining term is 15years 11months.

On part 1 I can overpay by 499.99 per month without incurring Early repayment charges.

On part 2 no limit to overpayments

On part 3 10% of the remaining balance per year

If I just overpay part 1 by 499.99 per month how many years can this take off the mortgage?

Joe_Bloggs

Have a look at the MSE Ultimate Mortage Calculator. I do not know how to put months into it but for a round 16 years it would be paid off in 7 years and 1 month.
J_B.

Thrugelmir

Good_Money wrote: »

If I just overpay part 1 by 499.99 per month how many years can this take off the mortgage?

Once interest rates rise will you be able to maintain the level of overpayment on a regular monthly basis?

dimbo61

We are now in April so if you can afford to OP for 13 months thats £6500 up till may 2012 plus interest saved and if you have any more money to OP just pay it off the 1.99% tracker